- First REIT's DPU of 0.58/1.78 Singapore cents for 3Q24/9M24 (-6.5%/-4.3% y-o-y) was in line with our estimates, forming 25%/75% of our FY24e forecast.
- 3Q24 DPU was 3.3% lower than the two preceding quarters of 0.60 cents per quarter. The drop in DPU was due to the depreciation of the IDR and JPY against the S$.
- - Read this at SGinvestors.io -
- Maintain BUY with an unchanged DDM-derived First REIT's target price of S$0.30. First REIT's share price is trading at an attractive forward FY24e distribution yield of 8.9%.
The Positives
Rental growth in local currency terms remained stable y-o-y.
- - Read this at SGinvestors.io -
- The proportion of rental income from Siloam is expected to continue increasing, ultimately surpassing 80% after October 2026, provided that performance-based rent is achieved for all Indonesian hospitals.
Stable capital management.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Darren Chan Phillip Securities Research | http://www.poems.com.sg/ 2024-11-04
Previous report by Phillip:
2024-07-30 First REIT - A Stable Quarter With Stable DPU.
Price targets by 3 other brokers at First REIT Target Prices.
Listing of research reports at First REIT Analyst Reports.
Relevant links:
First REIT Share Price History,
First REIT Announcements,
First REIT Dividends & Corporate Actions,
First REIT News Articles
